The Rowanmoor Pensions Life Assurance Scheme
The Rowanmoor Pensions Life Assurance Scheme is available exclusively for members of the Rowanmoor Pensions' range of products, the Rowanmoor Pensions Small Self-Administered Scheme (SSAS), Self-Invested Personal Pension (SIPP), Family Pension Trust and Defined Benefit SSAS. The Rowanmoor Pensions Life Assurance Scheme is tax efficient and provides low cost cover up to the lifetime allowance.
The scheme provides death-in-service benefits of up to the lifetime allowance, less the value of any existing pension benefits, which is paid as a tax-free lump sum on the death of a member, to their spouse and/or other dependants, by the trustees of the pension scheme. Cover is not available to members who have enhanced protection as this would lead to the protection being lost. The main benefits are:
- security for members of a Rowanmoor Pensions' SSAS, SIPP or Family Pension Trust;
- low cost life cover of up to the lifetime allowance;
- competitive rates;
- tax efficient premiums;
- tax-free benefits;
- available for all eligible members aged 18-69;
- annual renewals with no underwriting.
Cover up to the value of £600,000 (age 18 to 50) or £300,000 (age of 51 to 60) can be provided, without the need for underwriting if the answer to a few lifestyle questions prove acceptable.
Cover will cease for a member in the following circumstances:
- at age 70;
- on cessation of employment;
- upon transfer of benefits to another provider;
- non payment of premiums;
- if you do not inform us of any changes your life cover may be invalid.
Circumstances can easily change and a number of factors need to be considered when you decide whether to become a member of a Rowanmoor Pensions Life Assurance Scheme:
- changes in tax law may reduce the tax advantages offered to you by the scheme;
- tax charges and penalties can be imposed by Her Majesty's Revenue and Customs if its regulations are not complied with;
- any death benefits that are in excess of the lifetime allowance for a member will be subject to tax;
- non-disclosure of any material facts may result in cover being invalid.
The Rowanmoor Pensions Life Assurance Scheme is a death-in-service group life arrangement provided by Lutine Assurance Services Limited, underwritten by Lloyd's and administered by Rowanmoor Investment Management Limited. Cover is subject to the terms and conditions of the Policy Summary.
Our Life Assurance Scheme literature is available to download from the Library but if you have a specific query please do not hesitate to contact us.
The Rowanmoor Pensions Life Assurance Scheme is a complex product and we recommend that you always seek advice from a recognised investment professional before making any decision to apply for life cover.